Mexico and Canadian Leaders Meet to Discuss Trade, Future Economic Growth

Canada's International Trade Minister Ed Fast and the Mexican secretary of the economy Bruno Ferrari recently addressed Canadian and Mexican business leaders and policy makers at a two-day conference hosted by the Canadian Manufacturers and Exporters in Ottawa. While the Canada-Mexico trade relationship has grown significantly since NAFTA was signed, both leaders noted that there is still more room for potential.

Currently, about 2,600 companies and subsidiaries including Scotia Bank, Bombardier, Magna, GoldCorp, TransCanada, CP Rail, and Air Canada are driving success forward in Mexico.

Building on that success means strengthening the partnership in key areas: “from energy to the environment, forestry, transportation, infrastructure, and, of course, high technology,” said Fast.

For Mexico, Ferrari said they’d like to see increased integration in information technology, the aerospace industry, agri-business, construction, health sciences, industry machinery and equipment, and petrochemical products.

Canada Should Invest More in Mexico

Originally published in the Globe and Mail, a recent article by Colin Robertson from "The Mark" details why Canada should invest more in Mexico. As it stands, Canada is Mexico's third largest trading partner, with more than 25,000 Canadian firms active in Mexico.

The article references Robert Pastor's new book, "The North American Idea: A Vision of a Continental Future." In it, Pastor commends Canada's efforts to cultivate a relationship with Mexico, but encourages the country to do more. He says, "We need [...] to start over with a big North American idea, one based on the simple premise that all three countries benefit when one succeeds, and we are all hurt when one fails.”

Additionally, Robertson goes on to say:

"Parallel with the new Canada-U.S. border and regulatory initiative, we need to develop a coherent strategy toward Mexico that looks at our integrated trade and investment. Identify opportunities for common cause, as we demonstrated in pandemic planning over H1N1. We both have shared interests in curtailing U.S. gun imports, in securing better access for our trucking, in joint action against U.S. agricultural subsidies."